Schedule K-1

Forum|Forum|6 years ago
June 19, 2020
1 reply
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I received a K-1 from an LLC which shows an amount in Line 11 Other Income. The code is H which is Subpart F Income. I am told this income should be taxable, but when I entered it, Turbo Tax is not considering it Taxable Income. Am I perhaps not entering it correctly? Any help is appreciated.

Anonymous

this type of income is not provided for in the TT program so it goes nowhere. The LLC should have provided you with a supplemental schedule for how to report.

from IRS 1065 K-1 instructions

box 11 code H

Code H. Income under subpart F (other
than inclusions under sections 951A and
965). The partnership will provide your
share of subpart F inclusions other than
sections 951A and 965 inclusions.
Attach a statement to the Schedule K-1 (the partnership not you should have done this)
identifying any subpart F inclusion
attributable to:
• The sale or exchange by a controlled
foreign corporation (CFC) of stock in another
foreign corporation described in section
964(e)(4), or
• Hybrid dividends of tiered corporations
under section 245A(e)(2).